Bitcoin Has formed a DIAMOND BOTTOM - Reversal Guaranteed

24 ago 2018

You better be quick to get involved because a diamond pattern is the second most successful bullish reversal pattern out there. When this breaks out to the upside it will break out sharp and fast .


Here is a quote from thepatternsite.com
'Let me be clear about this: I don't like diamonds because they are hard to find. They are as tough to spot as night crawlers in the grass on a summer night. Most often, you'll find diamond bottoms in a bull market with an upward breakout, but those in a bear market rank second for overall performance. A redeeming quality of diamond bottoms is that a quick rise often follows a quick decline.'




How to spot and the pattern and what to do .

The Diamond pattern is a rare, but reliable chart pattern.
It looks like a rhombus on the chart. However, it could easily be mistaken for a head and shoulders pattern.
The diamond pattern has a reversal characteristic:
Bullish Diamond Pattern (Diamond Bottom)
Bearish Diamond Pattern (Diamond Top)
In stock trading, the bearish diamonds on the top of bullish trends are more common. The diamond bottoms are rare.
When you trade a bullish diamond chart pattern, you should comply with the following rules:
Confirm the diamond pattern by discovering relatively big trading volumes. Make sure the pattern is more horizontal, rather than vertical. If the shape is more vertical than horizontal, then you are probably looking at a head and shoulders chart pattern.
BUY when the price breaks the upper right side of the diamond.
Place a stop loss order below the last bottom inside the diamond shape on the chart.
Stay in the trade for a minimum bullish move equal to the size of the diamond pattern.
You can extend profits by simply adding a volume weighted moving average.




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Marty Boots